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CoreWeave Reports Strong Third Quarter 2026 Results

CRWV
  • CoreWeave reported third-quarter 2026 revenue of $3.661 billion, a sequential increase of over $1 billion.
  • Adjusted operating margins reached double digits at 10% in the quarter, exceeding the company's internal plan.
  • The company holds a revenue backlog of approximately $132.5 billion as of September 30, 2026.
  • CoreWeave added over 200 MWs of active power to reach 1.7 GW total active capacity while expanding contracted power to 4.6 GW.
  • The company launched CoreWeave Forge, an integrated AI development environment, & brought online multi-rack NVIDIA Vera Rubin NVL72 deployments.
  • Financial highlights included a net loss of $709 million, an adjusted EBITDA of $2.256 billion, & an adjusted EBITDA margin of 62%.
  • CoreWeave raised approximately $4.2 billion through convertible senior notes & established a $2.6 billion financing facility for shorter-duration contracts.
  • Full-year 2026 revenue guidance was raised to a range of $13.0 billion to $13.3 billion.
  • Full-year 2026 adjusted operating income guidance was increased to a range of $1.275 billion to $1.375 billion.
  • Annualized run-rate revenue guidance for exiting 2026 was raised to $20 billion to $21 billion.
  • Capital expenditure expectations for 2026 were revised to $37 billion to $39 billion to accelerate infrastructure deployment.
  • New customer partnerships include Canva, OpenAI, Parallel Web Systems, Serve Robotics, Substack, & Wayve.
  • The company expanded its international footprint to include contracted power in India, Indonesia, & Spain.
  • CoreWeave became the only provider to earn SemiAnalysis' Platinum ClusterMAX rating three consecutive times.
  • Q4 2026 interest expense is expected to range between $1.05 billion & $1.15 billion.